AUDUSD Facing Strong Resistance a Head

The AUDUSD 0.12% gained sharply at the beginning of November align with a recovery Chinese markets. Now price is trading in the upper range of the bearish channel . With trade war still looming large, AUD could saw strong bears a head. Therefore, look for trade war news and performance of Chinese markets for head way for price action. Bearish signals could trigger abearish reversal, as the Australian dollar’s strength comes mostly from commodities prices due to its exports.

AUDUSD Facing Strong Resistance a Head by EmpowerTrader

Trade Step-ups:

Bearish Reversal: Price rejects a break from current resistance level . Look for a move to bottom side of the trend. Profit levels to look for are .7120, .7070 & .7000 respectively.

Bullish Breakout: Price breaks current resistance level , look for a consolidation above .72600 for a potential move higher.

Relevant Exhibits:

Exhibit 1: IG Client AUDUSD Positioning